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Personal loan on Mobile home

I am trying to find a personal loan using my Mobile home as collateral. Our Mobile home is paid off and we own it. Value is probably around 55,000.00. We are looking to try to get a 10,000.00 dollar loan for repairs and improvement the only problem is our credit is not well at all. Is there any hope for us. We need a new roof and new windows and other needed work.

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mssandieb,

Welcome to MortgageFit Forums.

A personal loan is a loan which is not secured by a personal property like home or a car.

Instead I would like to know what is your score so that I may help you more specifically.

God bless you.

For MortgageFit,
Samantha

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Mssandieb's picture
Mssandieb | Joined: December 16, 2005 08:27 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I don't know.

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blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mssandieb,

A personal loan is based on one's income, debt and credit history. So these information are required before any appropriate suggestions can be made.

Regards,
Blue

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Mssandieb's picture
Mssandieb | Joined: December 16, 2005 08:27 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What other type of loans are there available other then installment?

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mssandieb,

Welcome again.

That is not a big problem if you don't know the score. Try to know it from any credit bureaus or any credit agency with which you have a debt.

Kindly provide your income and debt-expense information. Having a good credit score will help you to get a personal loan with lower interest although even if you have a bad credit score then also a lot of agencies are there to provide you with the loan perhaps at a little higher interest.

If you want our free counseling and more specific guidance, you can leave your phone number and area code here so that our counselor will call you up and provide the support required based on your information.

God bless you.

For MortgageFit,
Samantha

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mssandieb,

Back again, with more information.

You can opt for a secured personal loan which is based on a home or any unmovable object as collateral. I think that will be the best option for you. Since, you don't have a mortgage on your property left, so chances are better for you to get the desired amount.

Only you need to shop around for a good rate to help you pay minimum.

God bless you.

For MortgageFit,
Samantha

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mssandieb,

Other than installment loan two more types of personal loans are available -

  • Balloon loan - Here the mode of payment is in periodic installments and you will have to make a large balloon payment at the end of the period. You should be sure of the steadiness of your income level here.
  • Single Payment Loan - Here you need to pay the total loan amount and the interest at a date fixed in the future. Here also, you must be assured of the steadiness of your income standard.

Hope this information will help you.

God bless you.

For MortgageFit,
Samantha

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blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mssandieb,

Personal loans are available even with bad credit. So, you will definitely qualify for a loan since your property value is much higher than the loan amount.

But you may face a higher interest rate as personal loans are available on mobile home at a much higher rate than fixed homes. Also, your poor credit may affect for an increase in rate.

Do shop around to look for the best rate that can be obtained and if it is convenient to you then go for it. You will find a loan definitely with some lenders although the rate may be higher.

Regards,
Blue

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i want to refinace my mobilehome

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Carolyn,

Welcome to MortgageFit Forums.

We would like to have some more information on the type of mobile home that you own. Also some of other financial information is required like your current debts, credit score and history, income etc.

We do have a strong network of efficient lenders to guide you and get you the most favorable terms and rates.

You can sign up here, so that we may pass your information to our loan department. They will contact you and discuss with you on the related matters and help you in getting the most convenient terms.

Feel free to ask if you have further doubts.

God bless you.

For MortgageFit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i have a judgement, charge offs, credit rating under 400. i need to borrow money to pay for my kid's wedding. i have 15 acres of land that i live on in a trailer; the land is paid for. it's value is around 50,000.00 I would like to borrow 25,000; and have payments around 250.00 a month until it's paid off. who would lend me money like this. thanks; i make 40,000 yr. i will also be declaring bankruptcy after i could get the money; to pay a lawyer

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blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

I can understand that you are facing problems with all those negative marks. Actually judgments and charge offs do make your chances poor in qualifying for loan. I guess they make your credit score severe.

Chances of getting any conventional loan are difficult at this stage. May be you can have a look in sub-prime area. Sub-prime lenders might approve you to for a loan.

You need to make an extensive search in your area to find a suitable lender so that at least you get some affordable rates. But I must make you aware that it will be extremely difficult to qualify with such score and even if you qualify somehow the rate will be too high.

Best of Luck.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

im in a lease purchace on a mobile home. i have it in agreement that leaser will get financed in 12 mouths and they now say they cant get it done and we have to find it of move and loose the 2500 we put down when we signed. and we have had to do about 2000. in repairs we wont get back eather. what can we do to get it financed. have filled bakrupcy 2 years ago after i became disabled and lost every thing. it took 18 mounths to get disablity started. can any one finance it for me. :(

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miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

There are many lenders who would be willing to provide finance as it has been 2 years you had bankruptcy. You should contact a few more lenders to know the requirements they want borrower to fulfill to qualify for financing.

Is the mobile home on permanent foundation? Some lenders would require the mobile home to be on permanent foundation to approve loan request.

Miller

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

HI Gearjammer,

When you had an agreement with your leaser, you must have the documents related it. Now when the leaser is denying financing you, he is violating the terms of the agreement. You can even file a complaint against him as you will have all the agreement documents with you to prove as evidence.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i have a 1998 fleetwood manufactured home that is paid for. i need some money to pay some bills off and i need to know if there is anyone that will do this. i make 50,000 a year and i am a widow and when my husband was alive we filed bankruptcy. i now have too much credit and my credit cards are all maxed. this is part of the reason i need to get a loan

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome sue.

How much is the appraised value of the property? How much do you wish to take out as loan against the mobile home? You may get a [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url] if you have enough equity against your mobile home. I should say that you would better go for No-obligation free consultation from the community professionals to know whether you can get a home equity loan against your mobile home or not.

Hope it helps. Let me know if you have any further queries.

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jbarto65's picture
jbarto65 | Joined: November 4, 2007 04:09 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You should be able to get a consolidation loan through a home equity loan, as long as you have the collateral. How long ago did you file the bankruptcy?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

have a double and triplewide on property and they are on a perm foundation could i get a load, my credit is 580

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

made mistake need a loan not load oops

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi leigh,

welcome to the forums.

I guess you can look out for FHA loans but do you have late payments or other negative items? such things do prevent one from getting FHA loans. I suggest that you check out the FHA loan limit in your county and find out whether it's sufficient to finance the property.

Take Care

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am renting to own a mobile home which I bought when my credit was still good. 6 months later I filed [url=http://www.mortgagefit.com/bankruptcy/chapter13.html]Chapter 13 bankruptcy[/url]. I hate the park in which I live and want desperately to get a loan to pay my mobile home off so that I can move it to another location. The place I am renting-to-own from also owns the park and will not allow it to be moved until it is paid off even if all my payments are current. what can I do?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi tana,

As you have mentioned that you have filed for a bankruptcy, it will be difficult for you to get a loan. In order to pay off the property, you may look out for personal property loans and check if lenders are ready to give you such loans.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am looking to use my clear title from my mobile home to get quick loan of about 2500. my credit is crap and I need the money before the 11th of February. What are the chances someone can help me

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi theresakranich,

If your credit is not good, then you hardly have a chance of getting a loan. You can try to get a loan from your friends or relatives and then later on pay them off.

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equitytalkingfinancing's picture
equitytalkingfi... | Joined: January 16, 2009 06:29 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i am going through a bad credit. what is the best way to get a loan so that can [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the backed amount?

[size=9:88efe86f0f][color=Red:88efe86f0f][Link deleted as per forum rules. Thanks.][/color:88efe86f0f][/size:88efe86f0f]

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

As you have a bad credit, it will be difficult for you to refinance the property. While refinancing the property, the lender will look after both your credit score as well as the equity in the property.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own a mobile home and the land free and clear. It is not owner occupied. I would like to get a $25,000 cash out loan.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Pam,

As the property is free and clear, I don't think you will face problem in getting a loan. However, your income and credit score will be checked by the lender in order to approve a loan. Moreover, you have mentioned that it is not owner occupied. I guess, not all lenders will be ready to offer a loan on a non-owner occupied property.

Did you speak to the lenders of your area about the loan? I would suggest you to speak to a few lenders and check out whether they are ready to offer you a loan or not. You can also speak to the lenders of this community and get a no obligation free mortgage consultation (check out Niicss' post above) from them. This will give you an idea about the rates you can get.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i have looked everywhere to try and find a loan i have a low credit score of around 525 and i need about 5-10000 dollars i have a truck i have paid on for two years and never been late and a few charge offs on some credit cards from about 2-3 years ago that i have just paid off but are not showing on credit report yet is there any way i can get the loan i need

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi cntryboy

It would be difficult for you to get a mobile home loan at a credit score of 525. You will have to look for a personal property loan. You can get personal property loan from the retailers who sell mobile homes. I would suggest you to contact the retailers and check out the terms and conditions of getting a personal property loan.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am purchasing a mobile home near future Will I be able to borrow 10,000 to 15,000 Mobile home will be paid. No debts and my credit score is 724+ thank you

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Joanne,

You have said that your mobile home will be paid for. In that case, I guess, you will borrow 10,000 to 15,000 for your personal use. For that you will have to look out for personal loans. As you have a good credit score and no other debts, I don't think you will face problems in getting a loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My fico score is 725, good credit and I have clear title to my 1986 mobile home which is sitting on 1 acre of land which is also paid for but my debt to income ratio is too high. Can I qualify for a debt consolidation loan by using my home and land for collateral? I've already tried my local bank and they said no. Please help me if you can.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you have a high debt to income ratio, it would be difficlut for you to get a loan. You'll have to lower it in order to get approved for a loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am looking to buy a mobile home with 3 1/2 acres in Pennsylvanis for $40,000 what are my options on getting a loan

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi susanfarrell,

In order to get a mobile home loan, you need to have good credit score and income. If you plan to go for a FHA loan, you need to have a credit score of 620 and to get a conventional loan, you should have a credit score of 720. Apart from this, mobile homes build prior to 1976 do not qualify for loans.

You can speak to the local lender and check out the rates and terms they are offering. If you want, you can also speak to the lenders of this community and seek a no obligation free consultation from them. This will help you in knowing the rates which you'll receive when you apply for a loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I will like to get a loan to pay off my debt and have one monthly payment. I want to use my mobile home as collateral and my debt is about 15,000. I do not know the value of my mobile home but if I sell it will go for 30,000+. My credit score is in the high 500

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest!

Welcome to forums!

It would be difficult for you to get a loan with the credit score you have mentioned. The conventional loans are available for a credit score of 720 whereas the FHA loans are available at a credit score of 620. You will have to improve your credit score first and then look out for a loan. You can check out the given link to know more about improving credit:
http://www.mortgagefit.com/credit-rating/credit-repair.html

As far as the value of the mobile home is concerned, you can contact an appraiser and go for a property appraisal. This will let you know the value of the property.

Feel free to ask if you have further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I do not have good credit and my wife can not find a job has been out of work for a year and I about to loose my home . It is $94000.00 home with land we need to have 69000.00 to refinace

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Klye!

Welcome to forums!

You should have a good credit score and proper income in order to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the property. You can take the help of a cosigner in order to refinance the property. However, you should note that the co-signer should have a good credit score and income.

Feel free to ask if you have further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

need to pay a nursing home bill of 8K; waiting on a settlement that has been pushed back 4 months, need to get a loan; own mobile home that is paid for; credit history is poor;but have steady income of 3k per month.
where should i go to get a loan?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest!

Welcome to forums!

It would be difficult for you to get a loan with a poor credit history. You haven't mentioned your credit score in the post. If you have a credit score lower than 620, it would be difficult for you to get a loan. For FHA and VA loans, you would require a credit score of 620 whereas for conventional loans, you would require a credit score of 700-720. I would suggest you to improve your credit score first and then look out for loans. To know more about improving credit score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Feel free to ask if you have further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I would like to get a loan to pay off bills and do some repair work to my mobile home. My home is in a mobile home park

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was wondering if there is such a thing as [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url] I could do on my mobile home. It is on my own land and has a market value of $70,000. It is paid in full, & I would like to borrow $35,000 to consolidate credit card debt & do some repairs. I would ideally like a loan of 6 yrs of equal monthly installments. I have a credit score of 710. Does such a loan exist?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Birdpictures!

Welcome to forums!

You have mentioned that your property is free and clear. With a credit score of 710, you can get a conventional loan. You do not need to apply for a home equity loan. You can speak to the local lenders of your area which would help you in knowing what type of rates and terms you would receive.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i have a 1980 double wide on a rented space in a mobile home park the
ones like mine are selling for 60 to 65 thousand would like to borrow 12000 thousand.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi edward,

Did you contact the lenders of your area who are offering [url=http://www.mortgagefit.com/mobile-homeloan.html]mobile home loans[/url]? You should contact them to know the type of rates and terms prevailing in the market. This will help you in knowing whether or not you would be able to afford the loan. You can even speak to the lenders of this community and seek a no obligation free mortgage quote. This will also give you an idea about the present market rates and terms.

To know more about mobile home loans, check out the following page:
http://www.mortgagefit.com/mobile-homeloan.html

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own a Manf Home, no mortgage. I am trying to help my son with his credit card debt ($50,000) and wells as mine ($17,000) by a loan on my mf. I an retired living on Social Sec & pensions, with a small savings & money market acct elsewhere. My son would pay the payment but he has no collateral but a steady job. I have found that because I do not own the land, I rent, loans are hard for m.f. Do you have any suggestions?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Phyllis,

It is true that it would be a bit difficult for you to get a loan for your manufactured home. You can contact some of the lenders and check out if they can help you with a loan. Or else, you can apply for personal property loans. However, these loans come at a higher interest rate.

Thanks

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